Attracting domestic and foreign investment is an important solution to create a great driving force for promoting Da Nang’s economic development.

The Da Nang Hi-Tech Park is drawing much attention from foreign businesses. Photo: THANH LAN

However, attracting foreign direct investment to Da Nang, last year, has not yet met the city’s expectation.

The main reason is thought to be that the city's productive land fund is currently limited. Industrial parks do not have many preferential policies, so it is difficult to compete with neighboring localities.

Also, investors are required to meet the criteria on products and technology in order to enjoy investment incentives in the Da Nang Hi-Tech Park. In fact, the number of investors who meet these criteria is quite modest.

In addition, the attraction of projects in the fields of healthcare, education, trade, services, logistics, and industrial park infrastructure has encountered many problems because of procedures related to the planning, land auction and bidding for projects with complex land use.

Some legal provisions are overlapping, not specific and clear. In addition, the supporting industry in the city is underdeveloped, lacking in both quantity and quality. There is a shortage of human resources in high-tech and information technology industries.

According to Director of the Da Nang Investment Promotion and Support Agency Huynh Lien Phuong, in an effort to promote investment attraction from domestic and foreign enterprises in the coming time, Da Nang has been focusing on improving the investment environment by quickly resolving procedures, speeding up planning and supporting the implementation of land-related procedures to anticipate investment projects.

Special attention has been paid to accelerating the implementation of dynamic, key infrastructure projects such as the Lien Chieu Port, the expansion of National Highway 14B, the Hoa Lien - Tuy Loan section of the La Son - Tuy Loan Expressway, a road connecting the Hi-Tech Park with North-South highway, and a coastal road connecting to Lien Chieu Port.

Great efforts have been made to put the Software Park No. 2 and the Cam Le Industrial Cluster into operation; complete procedures for selecting investors to develop infrastructure for the Hoa Cam Industrial Park phase 2 and the Hoa Ninh Industrial Park; and continue to conduct auctions of land use rights for land plots calling for investment in projects of international trade centers, nursing homes, international hospitals, and inter-level international schools.

Importance has been attached to completely solving problems related to investment planning and procedures; supporting investors to expand production and increase investment capital; completing and putting into use digital map of projects calling for investment in Da Nang; and facilitating investors to learn information and project investment locations in a digital environment.

As part of his business trip to Japan, on March 31, Da Nang People's Committee Vice Chairman Ho Ky Minh (2nd, right) visited and worked with the leaders of Mitsubishi Corporation to directly promote the investment attraction in Da Nang. Photo courtesy of IPA Danang

In the coming time, the city will prioritise increasing access to potential investors in key foreign markets such as Japan, South Korea, the United States, India and China, along with large corporations.

During the year, the city will actively approach and invite potential domestic and foreign businesses and investors to invest in the city.

Additionally, the city will concentrate on perfecting the technical infrastructure of the Hi-Tech Park and completing the procedures for the Supporting Industrial Park project serving the Da Nang Hi-tech Park.

As for the information technology sector, one of the city's outstanding strengths in recent years, the city plans to implement solutions to improve the quality of human resources in parallel with improving information technology infrastructure to enhance investment attraction in this field.

Particularly in the field of high-quality services, the city will appeal for investment in many projects such as international commercial, sports and entertainment complexes, and some land lots calling for investment in education and healthcare projects.

Reporting by THANH LAN - Translating by M.DUNG